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Wataniya Palestine Mobile Telecommunications realizes a loss of $11.54 million in H1 2012

2012-07-18

The Palestine Exchange (PEX) received of reviewed interim condensed financial statements from Wataniya Palestine Mobile Telecommunications Company ( WATANIYA). PEX disclosure rules give all PEX listed companies 45 days to report their first half interim financial statements as reviewed by their independent external auditor. In addition to this press release, this disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms.

WATANIYA is the second listed company, and the first company within the Service Sector to disclose its interim financial statements for the first half of 2012.

The disclosed information includes: a summary of financial performance highlights, Independent Accountants" Review Report, the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 12 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Service Sector. The interim report also should include information required by Article (38/2) of the PEX disclosure rules in place. The company included information regarding management, issued shares, material changes and significant events that may have affected financial performances during the first half of the year.

According to company data for the first six months of the year, net loss reached (11,541,992) USD, compared with a net loss of (11,948,956) USD from the first six months of 2011, a net decrease in loss of 3.4%. Total assets of the company reached 283,548,866 USD as of June 30^th, 2012, compared to total assets of 288,454,186 USD as of December 31^st, 2011, a net decrease of 1.7%. Total liabilities of the company reached 158,573,787 USD as of June 30^th, 2012, compared to total liabilities of 151,937,115 USD as of December 31^st, 2011, a net increase of 4.4%. Net ownership equity of the company reached 124,975,079 USD as of June 30^th, 2012, compared with a net ownership equity of 136,517,071 USD as of December 31^st, 2011, a net decrease of 8.5% in the last six months.

Within the conclusion in the Independent Auditors’ Review Report ( Ernst & Young), the following was conveyed: Based on our limited review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not, in all material respects, presented in accordance with International Accounting Standard No. (34) .